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IRA Contributions

May 11th, 2007 at 02:57 am

I would really like to fully fund my IRA this year, but it doesn't look like I'm going to be able to do it. I currently contribute $2500 a year to it. I figured out that if I were to have the full amount withheld I would be missing another $56 out of both paychecks each month. My budget just won't support that.

I'm hoping that when I get my raise next year I can put all of that in the IRA. I think if I just keep my paycheck the same I won't even miss that money.

5 Responses to “IRA Contributions”

  1. disneysteve Says:

    I think that's a good idea, to put the raise toward retirement savings. If you never see the money, you'll never miss it.

    In the meantime, don't beat yourself up about not fully funding. $2,500/year is great. That will grow very nicely over time.

  2. Ima saver Says:

    Good idea!

  3. monkeymama Says:

    Agreed. You know next year it goes up to $5k too - eeks. I want to do a full contribution next year, but it is so overwhelming. For now I decided to go $5k. (forego dh's $5k) and then anything extra/windfalls can go to his. We will only be contributing 6% of our own money, but we have earmarked our next few years raises to it all the same. IT really works, we have been slowly getting there. $8k might be a little doable, but its like you feel the obligation to do the max, and that is throwing me off that the max will be $10k for us next year. I had to get real with myself - not gonna happen. Wink

  4. Aleta Says:

    Don't stress yourself out so much about it. You've really been doing great and attacking your debt with everything that you have had going on.

    You can contribute for 2007 up until April of 2008. Maybe between now and then you'll have extra money to add in. You can add in what you want, it doesn't have to be $2,500; it could be $1,000. You're doing great!

  5. rduell Says:

    Thank you, everyone! I tend to be an "all or nothing" person so it's hard for me to not want to do the max. I will remind myself that at least I'm putting something away!

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